REST, Aware in Moorabbin consortium deal

Mike Taylor

Managing Editor and Publisher

2 June 2026

Two of Australia’s major industry superannuation funds, REST and Aware Super have emerged as key investors in a Barings-led consortium that has acquired Melbourne’s Moorabbin Airport for $1.5 billion.

Barings announced the transaction on Monday saying that Barings Real Estate Australia will oversee the Moorabbin Airport property, including future development activities.

The announcement said Goodman Group, which currently owns the airport, will reinvest alongside the consortium of institutional investors which includes Aware Super and REST.

Barings Real Estate Australia executive director, Shaun Hannah said the off-market acquisition of Goodman’s Moorabbin Airport Corporation consists of a 294 hectare strategic landholding with diversified uses, strong income, development potential, and exposure to a tightly supplied, high-demand Melbourne market.

“The acquisition of this portfolio is the latest example of Barings’ ongoing positive outlook for the industrial sector in Australia and continues our investment strategy of targeting well-located precincts with significant underlying value and long-term development potential,” Hannah said.

“Importantly, Moorabbin Airport has a long-standing role as a critical aviation hub, supporting flight training, charter and maintenance operations, and we recognise the importance of preserving and supporting these aviation activities as part of the precinct’s future,” he said.

“Barings is confident that Moorabbin Airport will be another strong addition to the Australian portfolio, providing scale in a tightly held infill market, while maintaining the balance between its aviation function and broader precinct uses,” he said.

Tenants at the airport include a range of aviation and industrial firms as well as Kingston Central Plaza, a strong performing large format retail and direct factory outlet precinct. MAC operates the airport, which is the second busiest in the nation with flight training, charter and maintenance operations under a 71-year leasehold granted by the Commonwealth Government.